Quiznetik

Export Import Procedures and Documentation | Set 1

1. Market Development Assistance is given to Exporters having annual Export turnover uptoRs.________.

A. 5 Crs

B. 6 Crs

C. 8 Crs

D. 7Crs

Correct : A. 5 Crs

2. The major functions of Export Promotion Council (EPC) are to-

A. Provide commercial information, Organize trade fairs, exhibitions , Promote interaction between trade and Government

B. Provide commercial information , Organize trade fairs, exhibitions , Bail out exporters in case of losses

C. None of the above

D. Can’t say

Correct : A. Provide commercial information, Organize trade fairs, exhibitions , Promote interaction between trade and Government

3. ______ refers to the policy measures adopted by a country with reference to its exports and imports.

A. EXIM policy

B. Economic policy

C. Fiscal policy

D. Monetary policy

Correct : A. EXIM policy

4. What does EXIM policy controls?

A. Only Exports

B. Only Imports

C. Both

D. Can’t say

Correct : C. Both

5. Who heads the department of import export in India?

A. GOI

B. DGFT

C. WTO

D. None of the above

Correct : B. DGFT

6. When was the 1st EXIM policy defined?

A. 1962

B. 1991

C. 1974

D. Can’t say

Correct : A. 1962

7. Fulfillment of Export obligation for licenses with duty saved of Rs.100 Corers or more is valid only if -

A. It is 8 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid

B. It is 4 times the duty saved on capital goods , It is fulfilled within 24 years for issuance of license , Initial 5% custom duty has been paid

C. None of the above

D. Can’t say

Correct : A. It is 8 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid

8. Conservation of the foreign exchange resources is the main objective of

A. Exchange control Regulations

B. EXIM policy

C. Economic policy

D. Fiscal Policy

Correct : A. Exchange control Regulations

9. Deemed export benefits are sanctioned by DGFT without claims.

A. False

B. true

C. Can’t say

D. none

Correct : B. true

10. Where the headquarters of DGFT is situated?

A. Mumbai

B. Ahemadabad

C. New Delhi

D. Kanpur

Correct : C. New Delhi

11. Objective of Foreign Trade Policy is to:

A. Double our Share in Global Market within next 5 years

B. Double our Share in Global Market within next 10 years

C. None of the above

D. Can’t say

Correct : A. Double our Share in Global Market within next 5 years

12. Under International Trade Agreements India is required to

A. Eliminate Quantitative restrictions on imports

B. Eliminate Qualitative restrictions on imports

C. None of the above

D. Can’t say

Correct : A. Eliminate Quantitative restrictions on imports

13. DGFT may issue Advanced License, where SION does not exists, based on self declaration, based on :-

A. Undertaking by the applicant , Final adjustments as per adhoc SION , Adhoc norms fixed category

B. Final adjustments as per adhoc SION , Adhoc norms fixed category , Track record of exporter

C. None of the above

D. Can’t say

Correct : A. Undertaking by the applicant , Final adjustments as per adhoc SION , Adhoc norms fixed category

14. Import of Capital Goods is allowed for

A. Jigs , Fixtures , Dies

B. Jigs , Fixtures , Machinery

C. None of the above

D. Can’t say

Correct : B. Jigs , Fixtures , Machinery

15. Market Access Initiatives is not available for

A. conducting market studies

B. participation in international trade fairs

C. testing charges for engineering products

D. none of the above

Correct : D. none of the above

16. Export Promotion Capital Goods Scheme allows import of capital goods Free of import duty

A. With concessional duty of 5 per cent with no export obligation

B. With concessional duty of 5 per cent with export obligation 8 times the duty saved

C. With concessional duty of 5 per cent with export obligation 8 times the import made

D. none

Correct : C. With concessional duty of 5 per cent with export obligation 8 times the import made

17. Geographical indications specifies

A. Place of origin of goods

B. Special characteristics of the product associated with place of origin

C. Place and special characters of the product

D. Place or special characters of the product

Correct : C. Place and special characters of the product

18. Import of capital goods under EPCG scheme is subject to

A. Terms and conditions of agreement

B. Conditions of law of exporting country

C. Actual user condition

D. Conditions of law of importing country

Correct : C. Actual user condition

19. The export proceeds shall be realized in

A. Any foreign currency

B. Non- convertible currency

C. Convertible currency

D. Home currency only

Correct : C. Convertible currency

20. EXIM Licensing is a________ function of Board of Trade under Foreign Trade Policy

A. Statutory

B. Regulatory

C. Redressal

D. Promotional

Correct : B. Regulatory

21. An important feature of Export License under which certain goods can be imported only by designated agencies. For an example, an item like gold, in bulk, can be imported only by specified banks like SBI and some foreign banks or designated agencies.

A. Canalization

B. Cannibalization

C. Status Holders

D. None of the above

Correct : A. Canalization

22. The Director General of Foreign trade is appointed by

A. Central Government

B. State Government

C. Ministry of commerce

D. Chief justice of the Supreme Court

Correct : C. Ministry of commerce

23. To arrest and reverse the declining trend of exports and to provide additional support especially to those sectors which have been hit badly by recession in the developed world is the short objective of.

A. 1992- 1997 policy

B. 2002-2007 policy

C. 1997-2002 policy

D. 2009-2014 policy

Correct : D. 2009-2014 policy

24. To double India's percentage share of global merchandise trade is the objective of.

A. 1992- 97 policy

B. 1997-02 policy

C. 2002-07 policy

D. 2009-14 policy

Correct : D. 2009-14 policy

25. The foreign Trade (Regulation) Rules was passed in the year

A. 1991

B. 1992

C. 1993

D. 1994

Correct : C. 1993

26. Foreign Trade Policy is a set of guidelines and instructions established by the

A. DGFT

B. MSME

C. Govt. of India

D. none

Correct : A. DGFT

27. In India importers can import capital goods according to

A. Terms and conditions of agreement

B. Conditions of law of exporting country

C. Actual user condition

D. Conditions of law of importing country

Correct : C. Actual user condition

28. Trade Policy is prepared and announced by the

A. DGFT

B. MSME

C. Govt. of India

D. Ministry of Commerce

Correct : D. Ministry of Commerce

29. Time limit for re-import of exported gems and jewellery items in India is-

A. 60 days

B. 70 days

C. 90 days

D. none

Correct : C. 90 days

30. Permission for duty free import of samples by exporters is-

A. 15

B. 45

C. 50

D. none

Correct : C. 50

31. Conversion of Shipping Bills from one Export Promotion scheme to other scheme has been allowed within

A. Within 1 month

B. Within 3 months

C. Within 2 months

D. none

Correct : B. Within 3 months

32. There are at present -----------Export Promotion Councils under the administrative control of the Department of Commerce

A. 10

B. 11

C. 12

D. none

Correct : B. 11

33. Commodity Boards act as an interface between international agencies like etc

A. ITC

B. FAO

C. Both

D. none

Correct : C. Both

34. MPEDA refers to-

A. Marine Products Export Development Authority

B. Mining Products Export Development Authority

C. Meat Products Export Development Authority

D. none

Correct : A. Marine Products Export Development Authority

35. RCMC is a registration certificate granted by --------as prescribed by Foreign Trade Policy to an exporting unit

A. Export Promotion Council

B. Commodity Board

C. Development Authority

D. All above

Correct : D. All above

36. The New Foreign Trade Policy for the period 2015 to 2020 was announced by the government on the-------------

A. 1st of April 2015

B. 1st of June 2015

C. all

D. none

Correct : A. 1st of April 2015

37. MEIS scheme actually is-

A. Marine Export from India scheme

B. Mining products Export from India scheme

C. Merchandise Exports from India Scheme

D. none

Correct : C. Merchandise Exports from India Scheme

38. As per the MEIS scheme, the export promotion reward ------------- shall be issued to exporters without any attached conditions on the basis of realised FOB value provided they pertain to goods notified for the scheme by the government.

A. scrips

B. schemes

C. all

D. none

Correct : A. scrips

39. MEIS benefits have also been extended to all -------------other than free trade warehousing units.

A. large industries

B. SEZ units

C. all

D. none

Correct : B. SEZ units

40. As per the new trade policy, the previously existing Served From India Scheme (SFIS) has been scrapped, in its place the ------------------------------ scheme has been announced.

A. Services Export from India (SEIS)

B. Marine Export from India

C. all

D. none

Correct : A. Services Export from India (SEIS)

41. Eligible exporters shall be issued rewards in the form of duty credit scrips based on the net foreign exchange earned

A. SEIS

B. MEIS

C. Both

D. none

Correct : C. Both

42. The reward scrips themselves and any goods purchased by utilising these scrips are --------------------------by the companies without any restrictions.

A. non-transferable

B. freely transferable

C. all

D. none

Correct : B. freely transferable

43. Specific export requirements under the EPCG scheme have been reduced from 90% of normal amount consideration to --------------of the normal amount consideration.

A. 95%

B. 50%

C. 75%

D. none

Correct : C. 75%

44. Premier Trading House certificate has been changed to--------------

A. Five Star Export house

B. Four Star Export house

C. all

D. none

Correct : A. Five Star Export house

45. EOUs have been ---------------facility to set up Warehouses near the port of export.

A. Allowed

B. Disallowed

C. all

D. none

Correct : A. Allowed

46. Current EXIM policy is for a period of 3 years

A. 3 years

B. 5 years

C. 10 years

D. none

Correct : B. 5 years

47. FERA and FEMA are one and the same

A. Yes

B. No

C. all

D. none

Correct : B. No

48. Both the FIEO and ITPO have almost -----------objectives

A. common

B. un-common

C. all

D. none

Correct : A. common

49. Trade promotion Organization imparts the -----------information available in foreign markets.

A. advanced

B. basic

C. all

D. none

Correct : B. basic

50. Federation of Indian Exports organization arranges seminars & exhibitions to disseminate information.

A. True

B. False

C. all

D. none

Correct : A. True

51. Shipping Bill/ Bill of Export is the main document required by the Customs Authority for allowing shipment.

A. True

B. False

C. all

D. none

Correct : A. True

52. To improve their international marketing operations ---------- are assisted by the way of trade fairs, buyers -sellers’ meets & market promotion programs.

A. Ministers

B. Importers

C. Exporters

D. none

Correct : C. Exporters

53. Department of Commerce of the Ministry of Commerce and industry is the main organization to ------------and guide India’s foreign trade policy.

A. formulate

B. dictate

C. implement

D. none

Correct : A. formulate

54. --------------examine issues relevant for promotion of India's foreign trade, and the international competitiveness of Indian goods and services.

A. Boards of Trade

B. DGFT

C. Consular

D. none

Correct : A. Boards of Trade

55. Name the two schemes introduced under the new foreign trade policy? Merchandise Export from India Scheme & Services Export from India Scheme

A. Services Export from India Scheme & Services Import from India Scheme

B. Services Import from India Scheme & Merchandise Export from India Scheme

C. Merchandise Import from India Scheme & Services Export from India Scheme

D. none

Correct : A. Services Export from India Scheme & Services Import from India Scheme

56. Consider the following statements about the Foreign Trade Policy 2015-20 unveiled on 1st Apr’15. A. This policy focuses on boosting exports and creating jobs while supporting the Centre’s Make In India and Digital India' programs. B. The new policy is to create architecture for the Indian economy so that it can gain global competitiveness and promote the diversification of Indian export. C. The policy is to move towards paperless working in 24x7 environments. D. The policy comes at a time when export growth contracted 15 percent in February 2014-15, reporting a negative growth for the third consecutive month.

A. A & B is correct

B. B & C is correct

C. A, B & D is correct

D. All of the above is correct

Correct : D. All of the above is correct

57. The Indian Government unveiled the new Foreign Trade Policy 2015-20 on _____.

A. 30th Mar 2015

B. 31st Mar 2015

C. 1st April 2015

D. 30th April 2015

Correct : C. 1st April 2015

58. Which is India's first mega coastal economic zone (CEZ)?

A. Vizag Port

B. Chennai Port

C. Jawaharlal Nehru Port

D. Indira Gandhi Port

Correct : C. Jawaharlal Nehru Port

59. The Reserve Bank is expected to formulate standard operating procedure (SOP) for approval of FDI proposals by ministries following the government decision to phase out what board?

A. FIDB

B. FIDP

C. FIPB

D. FIDC

Correct : C. FIPB

60. Which interactive service, a 24hr channel has DTH provider TATA Sky launched?

A. Tata Sky Cars

B. Tata Sky Investments

C. Tata Sky Beauty

D. Tata Sky Movies

Correct : C. Tata Sky Beauty

61. The Cabinet Committee on Economic Affairs gave its approval for removing the prohibition on the export of what type of items?

A. Steel Ingots

B. Textiles

C. Pulses

D. Onions

Correct : C. Pulses

62. What is the nicotine replacement therapy product Glenmark launched in Nov 2017?

A. Quitz

B. QuitQik

C. Kquitz

D. Kwitz

Correct : D. Kwitz

63. PC shipments in India witnessed what percentage of growth in September 2017 quarter as against the year ago?

A. 20.5%

B. 19.5%

C. 20%

D. 50%

Correct : A. 20.5%

64. RBI Governor Urjit Patel was appointed to which advisory board?

A. Financial Stability Institute Advisory Board (FSAB)

B. Bank of International Settlement (BIS).

C. Federal Reserve (F

Correct : A. Financial Stability Institute Advisory Board (FSAB)

65. Any person applying for any License of benefit or concession under the foreign Trade Policy will be required to furnish:

A. Registration cum Membership Certificate (RCMC)

B. Registration cum Membership Certificate (RCMC)

C. Certificate of Origin

D. None of the above

Correct : A. Registration cum Membership Certificate (RCMC)

66. The IEC number is issued by the

A. Central Government

B. State Government

C. Director General of Foreign trade

D. Ministry of commerce

Correct : C. Director General of Foreign trade

67. The IEC number is a number with

A. 7 digit

B. 8 digits

C. 9 digits

D. 10 digits

Correct : D. 10 digits

68. Which system is used for classification of export item?

A. ITC (HS)

B. ITM (LS)

C. RCMC

D. None of the above

Correct : A. ITC (HS)

69. What does ITC (HS) stand for?

A. Indian trade classifications harmonized system

B. Indian Trade Clarification Harmonized system

C. Indian Trade Classification Hierarchal system

D. None of the above

Correct : A. Indian trade classifications harmonized system

70. What is a prerequisite for export and import?

A. IEC number

B. License

C. Status

D. None of the above

Correct : A. IEC number

71. What are the bodies exempted from having IEC number?

A. Status Holders

B. Ministries/Departments of the Central or State Govt

C. SEZ’s

D. None of the above

Correct : B. Ministries/Departments of the Central or State Govt

72. How many ways are there to get the IEC code?

A. Physical

B. Online

C. Both

D. Can’t Say

Correct : C. Both

73. Which form is required to be filled for registration?

A. Aayat Niyaat form

B. Ministries/Departments of the Central or State Govt

C. SEZ’s

D. None of the above

Correct : A. Aayat Niyaat form

74. Fulfillment of Export obligation for licenses with duty saved of Rs.100 Corers or more is valid only if,

A. It is 8 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid

B. It is 10 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid

C. It is 12 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid

D. none

Correct : A. It is 8 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid

75. What is the time of payment in cash in advance?

A. Prior to manufacturing or shipping

B. Post manufacturing or shipping

C. Premium to manufacturing or shipping

D. none

Correct : A. Prior to manufacturing or shipping

76. What is advantage of documentary collection?

A. Less costly, tie up with bank not required.

B. More safe as payment at the sight of goods or acceptance

C. Both of above

D. none

Correct : C. Both of above

77. Which document is used for documentary collection?

A. Bill of exchange/ draft

B. Usance bill

C. Bill of lading

D. none

Correct : A. Bill of exchange/ draft

78. What is the time of payment for documentary collection?

A. At the sight of goods or acceptance, as agreed

B. At a future date

C. Prior to shipping

D. none

Correct : A. At the sight of goods or acceptance, as agreed

79. INCO termswere given by

A. International Chamber of Commerce

B. Director General of Foreign Trade

C. Ministry of Commerce

D. none

Correct : A. International Chamber of Commerce

80. What is the advantage of letter of credit?

A. Evens risk between buyer and seller

B. Strengthens the role of advising and confirming bank

C. Instant payment

D. none

Correct : A. Evens risk between buyer and seller

81. What is revolving L/C?

A. The amount becomes available again without issuing another L/C and usually under the same terms and conditions

B. Payment is on unconfirmed irrevocable basis

C. Payment is on a future date

D. none

Correct : A. The amount becomes available again without issuing another L/C and usually under the same terms and conditions

82. 1st incoterms were published in:

A. 1936

B. 1954

C. 2000

D. 2012

Correct : A. 1936

83. Incoterms stands for:

A. International currency terms

B. International commercial terms

C. International cooperation terms

D. none

Correct : B. International commercial terms

84. Incoterms define ____ of buyers and sellers in international trade

A. Obligation

B. Profitability

C. Currency convertibility

D. none

Correct : A. Obligation

85. Total incoterms as per 2000?

A. 13

B. 9

C. 10

D. 20

Correct : A. 13

86. The customs duty paid for the import of capital goods as per 2009-2014 policy is

A. 2 per cent

B. 3 per cent

C. 5 per cent

D. 8 per cent

Correct : C. 5 per cent

87. The apex body of the Foreign Trade is

A. The Central Government

B. The State Government

C. The Ministry of Commerce

D. All the above

Correct : C. The Ministry of Commerce

88. Bill of Lading is issued by the

A. captain of the vessel

B. shipping company

C. customs authorities

D. consignor

Correct : B. shipping company

89. What does CCIE stand for?.

A. Chief Controller of Imports and Exports

B. Central Cottage Industries Exports

C. Control on Cotton Imports and Exports

D. Commissioner of Central Imports and Exports

Correct : A. Chief Controller of Imports and Exports

90. Foreign Exchange Regulation Act was replaced with The Foreign Exchange Management Act in the Year

A. 1973

B. 1991

C. 1995

D. 1999

Correct : D. 1999

91. The objectives of import duty is/are

A. to raise income for the government

B. to restrict imports

C. to encourage exports

D. to raise income and restrict imports

Correct : D. to raise income and restrict imports

92. If a country is having more exports than imports in value terms, it can be said that the country is having

A. Deficit under BOP

B. Deficit under BOT

C. Surplus under BOT

D. Surplus under BOP

Correct : D. Surplus under BOP

93. What does DDP signify in incoterms?

A. Duty drawback payment

B. Delivery duty paid, all obligations are with seller.

C. Duty drawback passbook

D. none

Correct : B. Delivery duty paid, all obligations are with seller.

94. To accelerate exports and encourage technological up gradation, additional Duty Credit Scripts are being given to Status Holders @ ---------of the FOB value of past exports.

A. 3%

B. 2%

C. 1%

D. none

Correct : C. 1%

95. Conversion of Shipping Bills from one Export Promotion scheme to other scheme can be made within ----------

A. three months

B. two months

C. four months

D. none

Correct : A. three months

96. Disposal of manufacturing wastes / scrap is allowed-----------, even before fulfillment of export obligation under Advance Authorization and EPCG Scheme

A. without fees

B. after payment of applicable excise duty

C. all

D. none

Correct : B. after payment of applicable excise duty

97. -----------have now been authorized to issue licences for import of sports weapons by ‘renowned shooters’, on the basis of NOC from the Ministry of Sports & Youth Affairs

A. Regional Authorities

B. DGFT

C. all

D. none

Correct : A. Regional Authorities

98. Automobile industry, having their own R&D establishment, is allowed free import of reference fuels (petrol and diesel), upto a maximum of -------------per annum, which are not manufactured in India.

A. 5 KL

B. 15 KL

C. 25 KL

D. none

Correct : A. 5 KL

99. ----------are also the registering authorities under the Export Import Policy

A. Export Promotion Councils

B. Commodity Boards

C. all

D. none

Correct : A. Export Promotion Councils

100. -------------organize participation in trade fairs, exhibitions and buyer-seller meets in India and abroad